https://www.taxtmi.com/caselaws?id=429949 The appeal was successful as the Tribunal overturned the disallowance of depreciation on intangible assets under section 32(1) for the assessment year 2016-17. The appellant's argument that Goodwill should be recognized for depreciation claim was accepted, citing the acquisition of the network as the basis for Goodwill valuation. The Tribunal found the Assessing Officer's disallowance incorrect, noting that the subscriber base added value to the partnership firm's assets, aligning with market practices. The decision was made in favor of the appellant, allowing the depreciation claim on Goodwill. en-us Wed, 19 Oct 2022 00:00:00 +0530 Mon, 07 Nov 2022 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429949 The appeal was successful as the Tribunal overturned the disallowance of depreciation on intangible assets under section 32(1) for the assessment year 2016-17. The appellant's argument that Goodwill should be recognized for depreciation claim was accepted, citing the acquisition of the network as the basis for Goodwill valuation. The Tribunal found the Assessing Officer's disallowance incorrect, noting that the subscriber base added value to the partnership firm's assets, aligning with market practices. The decision was made in favor of the appellant, allowing the depreciation claim on Goodwill. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429949